China’s e-commerce sector saw robust growth in the first half of 2024, fueling momentum for consumption recovery in the world’s second-largest economy.
Online retail sales during this period surged 9.8 per cent year on year to 7.1 trillion yuan (about 996 billion U.S. dollars), of which the retail sales of goods reached 5.96 trillion yuan, marking an increase of 8.8 per cent, according to data released by the Ministry of Commerce (MOC) on Friday.
The MOC said that digital products, services consumption, and trade-in programs were the three new drivers for consumption growth.
The data showed that in terms of digital products, AI learning machines and smart wearable devices grew 136.6 per cent and 31.5 per cent, respectively.
For services consumption, surveyed online travel and catering services grew by 59.9 per cent and 21.7 per cent, respectively.
E-commerce platforms in China coordinated to offer trade-in services for more than 400,000 products and recycling services covering over 300 categories of goods. The trade-in services saw sales of refrigerators, washing machines, mobile phones and TVs increase by 82.1 per cent, 70.4 per cent, 63.9 per cent and 54.3 per cent, respectively, on major online shopping platforms.
As e-commerce drives consumption recovery domestically, the sector’s international cooperation has also expanded further. In the first half of this year, China signed e-commerce cooperation memorandums with Serbia, Bahrain and Tajikistan, bringing the total number of Silk Road e-commerce partner countries to 33, according to the MOC.
